Mastercard and R3 Partner to Develop New Blockchain-Powered Cross-Border Payments Solution

Mastercard and R3 Partner to Develop New Blockchain-Powered Cross-Border Payments Solution 2

Mastercard and R3, a leading enterprise blockchain software provider,
have today announced a strategic partnership to develop and pilot a new
blockchain-enabled cross-border payments solution that will initially
focus on connecting global faster payments infrastructures, schemes and
banks supported by a clearing and settlement network operated by
Mastercard.

Earlier this year, Mastercard strengthened its cross-border network reach with its acquisition of Transfast.
Today’s announcement complements the company’s formidable capabilities
by providing access to R3’s Corda ecosystem, which includes more than
300 of the world’s leading financial services firms, technology
companies, central banks, regulators and trade associations.

The partnership is the latest step in Mastercard’s multi-rail
strategy, providing customers with unrivalled choice in how they move
money. By combining R3’s expertise in blockchain with Mastercard’s
existing payment systems assets, brand and distribution, the partnership
will provide increasingly innovative, value add services for customers,
addressing factors such as high processing overheads, liquidity
management and the existing lack of standardization and processes
between banks and domestic clearing systems.

Peter Klein, executive vice president of New Payment Platforms for Mastercard, commented:
“Developing a new and better cross-border B2B payments solution by
improving worldwide connectivity in the account-to-account space is
central to Mastercard’s ambition. Our goal is to deliver global payment
infrastructure choice and connectivity as demonstrated through our
recent strategic acquisitions and partnerships, including our
relationship with R3. It confirms our commitment to innovation, both
home-grown and through partnerships and acquisitions, to support
advances and innovation in the increasingly complex global payment
infrastructure space”

David E. Rutter, CEO of R3, added: “We are excited
to partner with Mastercard to help shape the future of the digital
payments ecosystem. All institutions – large or small – rely on the
ability to send and receive payments, but all too often the technology
they rely upon is cumbersome and expensive. Cross-border payments can be
a particular pain point. Corda was designed specifically for enterprise
use cases such as this, and we look forward supporting Mastercard in
bringing blockchain-enabled payments businesses across the globe.”

# # #

Mastercard Communications Contact
Ellie Fixter ellie.fixter@mastercard.com
Emma Harvey emma@seven-consultancy.com

R3 Communications Contact
Charley Cooper charley@r3.com
Nick Murray-Leslie R3@chatsworthcommunications.com

About R3
R3 is an enterprise blockchain software firm working with a global
ecosystem of more than 300 participants across multiple industries from
both the private and public sectors to develop on Corda, its open-source
blockchain platform, and Corda Enterprise, a commercial version of
Corda for enterprise usage.

R3’s global team of over 200 professionals in 13 countries is
supported by over 2,000 technology, financial, and legal experts drawn
from its vibrant ecosystem.

The Corda platform is already being used in industries from financial
services to healthcare, shipping, insurance and more. It records,
manages and executes institutions’ financial agreements in perfect
synchrony with their peers, creating a world of frictionless commerce.
Learn more at www.r3.com and www.corda.net.

About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry.  Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

image by Shutterstock

Post source: Mastercard and R3 Partner to Develop New Blockchain-Powered Cross-Border Payments Solution

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